Yesterday, EverGen Infrastructure Corp (OTCMKTS:EVGIF) was in focus after it announced its financial results for the three month period as well as the fiscal year, both of which had ended on December 31, 2022.
Market Action
On Thursday, EVGIF stock fell 18% to $3.18 with 35K share, compared to its average volume of 675 shares. The stock moved within a range of $3.1750 – 3.2000 after opening trade at $3.20.
Key Details
However, the numbers did not impress the investors and the stock suffered from an almighty selloff to end the day with a decline of 18%. In this situation, it may be a good idea for investors to perhaps take a closer look at some of the highlights from the financial results. In the message to the shareholders, the management noted that 2021 had proved to be a transformational year for EverGen and it was also the year in which the company went public by way of an initial public offering.
In addition to that, it was also noted that despite a large number of operational obstacles, the company had been able to meet its goals. The company managed to generate revenues to the tune of C$9.56 million and that was an important development considering the fact that it had earned no revenues in the previous fiscal year. It now remains to be seen if the stock can make a recovery any time soon.
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